Credit Suisse: $779M loss after U.S. settlement

Jul. 22, 2014
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Credit Suisse CEO Brady Dougan. / Steffen Schmidt, AP

by William Cummings, USA TODAY

by William Cummings, USA TODAY

Swiss banking giant Credit Suisse reported more than $700 million in losses for the second quarter of 2014, which the company attributes to a $2.6 billion settlement with the United States for helping wealthy American clients evade U.S. taxes.

Analysts had predicted a loss of 670 million Swiss francs for the quarter, The Wall Street Journal reports.

"Our reported results for the second quarter and the first half of 2014 were impacted by the resolution of our most significant legacy litigation issue," CEO Brady W. Dougan said in a statement. "I want to reiterate that we deeply regret the past misconduct that led to this settlement and that we take full responsibility for it."

In May, the bank pleaded guilty to criminal conspiracy, becoming the largest financial institution to enter a guilty plea in at least 20 years. Credit Suisse admitted to willfully helping thousands of U.S. clients open secret offshore accounts and hide their assets and income from the IRS.